Covagen, a Swiss preclinical-stage biotech company, raised an additional CHF2.5m in funding.
Baxter Ventures joined as an investor in a Series B financing round, which now amounts to CHF44.9m (read about the CHF42m recent close here).
The Series B also includes an option for all existing investors to invest an additional CHF 14m.
Led by Julian Bertschinger, Ph.D., chief executive officer, Covagen develops bispecific FynomAbs for the treatment of inflammatory diseases and cancer. In 2012, the company entered into a strategic alliance, which was recently expanded, with Mitsubishi Tanabe Pharma Corporation for the development of bispecific FynomAbs.
It intends to use the funds to support the clinical development of its lead FynomAb® COVA322, a bispecific TNF/IL-17A inhibitor for the treatment of rheumatoid arthritis, psoriatic arthritis and other inflammatory diseases.
COVA322 is expected to enter clinical trials in early 2014.